Exhibit 99.1
News Release
| Contact: | Nick Alexopulos Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345 | |||||||
EXELON REPORTS SECOND QUARTER 2022 RESULTS
Earnings Release Highlights
•GAAP Net Income of $0.47 per share and Adjusted (non-GAAP) Operating Earnings of $0.44 per share for the second quarter of 2022
•Reaffirming range for full year 2022 Adjusted (non-GAAP) Operating Earnings guidance of $2.18-$2.32 per share
•In line with previously announced plans, Exelon anticipates issuing up to $1.0 billion of registered shares of common stock through 2025. Exelon plans to establish a $1.0 billion at-the-market (ATM) program and anticipates issuing $500 million in 2022 through the ATM, a one-time common equity offering, or a combination of these methods.
•Strong utility reliability performance – every utility achieved top quartile in outage duration with ComEd specifically delivering their best-on-record CAIDI performance
•ComEd filed with the Illinois Commerce Commission (ICC) a proposed plan to promote beneficial electrification efforts in its service area
•DPL filed its first multi-year plan with the Maryland Public Service Commission (MDPSC) in May seeking an increase in base rates to support significant investments in the local energy grid and other customer experience improvements during the years 2023 to 2025
CHICAGO (Aug. 3, 2022) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2022.
“Exelon is the leading transmission and distribution utility company in the nation, consistently delivering reliable results, and the second quarter is no exception,” said Chris Crane, Exelon President and CEO. “Our earnings and strong reliability from our energy companies were delivered despite challenging storms. At the same time, our ability to power a cleaner and brighter future for our customers and communities signifies how essential environmental, social and governance principles are to our company and our work leading the energy transformation.”
“During the second quarter, we continued to invest capital for the benefit of our customers and communities and delivered on earnings expectations, generating Adjusted (non-GAAP) Operating Earnings of $0.44 per share,” said Joe Nigro, Exelon’s Chief Financial Officer. “These investments will improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean
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energy future. We reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per share. We also are working hard to support our jurisdictions’ more vulnerable customers in making this transition to a cleaner future. Our industry-leading efforts to connect communities to financial assistance are a testament to those efforts.”
Second Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the second quarter of 2022 increased to $0.47 per share from $0.33 GAAP Net Income from Continuing Operations per share in the second quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 increased to $0.44 per share from $0.36 per share in the second quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.
Adjusted (non-GAAP) Operating Earnings in the second quarter of 2022 primarily reflect:
•Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base and rate increases at PECO, BGE, and PHI, partially offset by the absence of favorable weather and volume at ACE as ACE became decoupled effective July 1, 2021, higher depreciation expense at BGE and PHI, and higher credit loss expense at PHI.
•Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results in the second quarter of 2021 as these costs do not qualify as expenses of the discontinued operations per the accounting rules, partially offset by higher interest expense.
Operating Company Results1
ComEd
ComEd's second quarter of 2022 GAAP Net Income increased to $227 million from $192 million in the second quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 increased to $229 million from $195 million in the second quarter of 2021, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed electric distribution ROE due to an increase in treasury rates and the impacts of higher rate base). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s second quarter of 2022 GAAP Net Income increased to $133 million from $104 million in the second quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 increased to $134 million from $107 million in the second quarter of 2021, primarily due to distribution rate increases.
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1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.
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BGE
BGE’s second quarter of 2022 GAAP Net Income decreased to $37 million from $45 million in the second quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 decreased to $38 million from $48 million in the second quarter of 2021, primarily due to an increase in depreciation expense, partially offset by favorable impacts of the multi-year plans. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s second quarter of 2022 GAAP Net Income decreased to $100 million from $141 million in the second quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 decreased to $101 million from $144 million in the second quarter of 2021, primarily due to the absence of favorable weather and volume at ACE as ACE became decoupled effective July 1, 2021, an increase in depreciation expense, credit loss expense, contracting costs partially due to timing of maintenance projects, and timing of excess deferred tax amortization, partially offset by distribution rate increases. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and Second Quarter Highlights
•DPL Maryland Electric Base Rate Case: On May 19, 2022, DPL filed an application for a three-year cumulative multi-year plan for January 1, 2023 through Dec. 31, 2025 with the MDPSC to increase its electric distribution rates by $23 million effective Jan. 1, 2023, $8 million effective January 1, 2024, and $7 million effective January 1, 2025, to recover capital investments made in 2021 and planned capital investments through the end of 2025, reflecting an ROE of 10.25%. DPL is proposing the acceleration of refunds for certain tax benefits to partially offset the customer rate increases by $12 million and $8 million in 2023 and 2024, respectively. DPL currently expects a decision in the fourth quarter of 2022, but cannot predict if the MDPSC will approve the application as filed.
•Financing Activities:
◦On May 24, 2022, PECO issued $350 million aggregate principal amount of its First and Refunding Mortgage Bonds, 4.600% Series due May 15, 2052. PECO used the proceeds to repay existing indebtedness and for general corporate purposes.
◦On June 6, 2022, BGE issued $500 million aggregate principal amount of its 4.550% notes due June 1, 2052. BGE used the proceeds to repay outstanding commercial paper obligations, repay existing indebtedness, and for general corporate purposes.
◦Exelon anticipates issuing up to $1.0 billion of registered shares of common stock through 2025. Exelon plans to establish a $1.0 billion ATM program, under which Exelon can issue registered shares of common stock through designated broker-dealers at prevailing market prices. Exelon anticipates issuing $500 million in 2022 through the ATM, a one-time common equity offering, or a combination of these methods.
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GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 0.47 | $ | 465 | $ | 227 | $ | 133 | $ | 37 | $ | 100 | ||||||||
| Separation Costs (net of taxes of $3, $1, $0, $0, and $1, respectively) | 0.01 | 10 | 2 | 1 | 1 | 2 | ||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) | (0.04) | (43) | — | — | — | — | ||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings | $ | 0.44 | $ | 433 | $ | 229 | $ | 134 | $ | 38 | $ | 101 | ||||||||
Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 0.33 | $ | 326 | $ | 192 | $ | 104 | $ | 45 | $ | 141 | ||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) | — | 3 | — | — | — | — | ||||||||||||||
| Cost Management Program (net of taxes of $0) | — | 1 | — | — | — | — | ||||||||||||||
| COVID-19 Direct Costs (net of taxes of $1, $0, $0, and $1, respectively) | — | 4 | — | 1 | 1 | 2 | ||||||||||||||
| Acquisition Related Costs (net of taxes of $1) | — | 2 | — | — | — | — | ||||||||||||||
| ERP System Implementation Costs (net of taxes of $1) | — | 2 | — | — | — | — | ||||||||||||||
| Separation Costs (net of taxes of $6, $1, $1, $1, and $1, respectively) | 0.01 | 10 | 2 | 1 | 1 | 2 | ||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings | $ | 0.36 | $ | 348 | $ | 195 | $ | 107 | $ | 48 | $ | 144 | ||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss second quarter 2022 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
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About Exelon
Exelon is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Aug. 3, 2022.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K filed with the SEC on February 25, 2022 in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current Report on Form 8-K filed with the SEC on June 30, 2022 to recast Exelon's consolidated financial statements and certain other financial information originally included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies; (3) the
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Registrants' Second Quarter 2022 Quarterly Report on Form 10-Q (to be filed on Aug. 3, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (4) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
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Earnings Release Attachments
Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
| ComEd | PECO | BGE | PHI | Other (a) | Exelon | ||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 1,425 | $ | 816 | $ | 786 | $ | 1,221 | $ | (9) | $ | 4,239 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 283 | 283 | 289 | 420 | (1) | 1,274 | |||||||||||||||||||||||||||||
| Operating and maintenance | 338 | 215 | 205 | 292 | 59 | 1,109 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 328 | 93 | 152 | 240 | 17 | 830 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 90 | 48 | 71 | 114 | 7 | 330 | |||||||||||||||||||||||||||||
| Total operating expenses | 1,039 | 639 | 717 | 1,066 | 82 | 3,543 | |||||||||||||||||||||||||||||
| Loss on sales of assets and businesses | (2) | — | — | — | — | (2) | |||||||||||||||||||||||||||||
| Operating income (loss) | 384 | 177 | 69 | 155 | (91) | 694 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (104) | (43) | (36) | (73) | (102) | (358) | |||||||||||||||||||||||||||||
| Other, net | 13 | 8 | 5 | 19 | 130 | 175 | |||||||||||||||||||||||||||||
| Total other (deductions) and income | (91) | (35) | (31) | (54) | 28 | (183) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 293 | 142 | 38 | 101 | (63) | 511 | |||||||||||||||||||||||||||||
| Income taxes | 66 | 9 | 1 | 1 | (31) | 46 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 227 | 133 | 37 | 100 | (32) | 465 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Net income (loss) | 227 | 133 | 37 | 100 | (32) | 465 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 227 | $ | 133 | $ | 37 | $ | 100 | $ | (32) | $ | 465 | |||||||||||||||||||||||
| Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 1,517 | $ | 693 | $ | 682 | $ | 1,140 | $ | (12) | $ | 4,020 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 500 | 207 | 219 | 396 | (1) | 1,321 | |||||||||||||||||||||||||||||
| Operating and maintenance | 323 | 209 | 193 | 256 | 92 | 1,073 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 296 | 87 | 141 | 194 | 18 | 736 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 77 | 49 | 67 | 109 | 12 | 314 | |||||||||||||||||||||||||||||
| Total operating expenses | 1,196 | 552 | 620 | 955 | 121 | 3,444 | |||||||||||||||||||||||||||||
| Gain on sales of assets and businesses | — | — | — | — | 4 | 4 | |||||||||||||||||||||||||||||
| Operating income (loss) | 321 | 141 | 62 | 185 | (129) | 580 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (98) | (42) | (34) | (67) | (83) | (324) | |||||||||||||||||||||||||||||
| Other, net | 15 | 7 | 9 | 20 | 22 | 73 | |||||||||||||||||||||||||||||
| Total other deductions | (83) | (35) | (25) | (47) | (61) | (251) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 238 | 106 | 37 | 138 | (190) | 329 | |||||||||||||||||||||||||||||
| Income taxes | 46 | 2 | (8) | (3) | (34) | 3 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 192 | 104 | 45 | 141 | (156) | 326 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | 150 | 150 | |||||||||||||||||||||||||||||
| Net income (loss) | 192 | 104 | 45 | 141 | (6) | 476 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | 75 | 75 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 192 | $ | 104 | $ | 45 | $ | 141 | $ | (81) | $ | 401 | |||||||||||||||||||||||
| Change in Net income from continuing operations 2021 to 2022 | $ | 35 | $ | 29 | $ | (8) | $ | (41) | $ | 124 | $ | 139 | |||||||||||||||||||||||
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Consolidating Statements of Operations
(unaudited)
(in millions)
| ComEd | PECO | BGE | PHI | Other (a) | Exelon | ||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 3,158 | $ | 1,863 | $ | 1,940 | $ | 2,626 | $ | (21) | $ | 9,566 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 921 | 689 | 743 | 999 | — | 3,352 | |||||||||||||||||||||||||||||
| Operating and maintenance | 689 | 463 | 423 | 591 | 122 | 2,288 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 649 | 185 | 322 | 459 | 32 | 1,647 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 185 | 95 | 148 | 233 | 23 | 684 | |||||||||||||||||||||||||||||
| Total operating expenses | 2,444 | 1,432 | 1,636 | 2,282 | 177 | 7,971 | |||||||||||||||||||||||||||||
| Loss on sales of assets and businesses | (2) | — | — | — | — | (2) | |||||||||||||||||||||||||||||
| Operating income (loss) | 712 | 431 | 304 | 344 | (198) | 1,593 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (204) | (84) | (71) | (143) | (195) | (697) | |||||||||||||||||||||||||||||
| Other, net | 26 | 16 | 11 | 37 | 223 | 313 | |||||||||||||||||||||||||||||
| Total other (deductions) and income | (178) | (68) | (60) | (106) | 28 | (384) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 534 | 363 | 244 | 238 | (170) | 1,209 | |||||||||||||||||||||||||||||
| Income taxes | 119 | 24 | 10 | 8 | 102 | 263 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 415 | 339 | 234 | 230 | (272) | 946 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | 117 | 117 | |||||||||||||||||||||||||||||
| Net income (loss) | 415 | 339 | 234 | 230 | (155) | 1,063 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 415 | $ | 339 | $ | 234 | $ | 230 | $ | (156) | $ | 1,062 | |||||||||||||||||||||||
| Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 3,052 | $ | 1,582 | $ | 1,656 | $ | 2,384 | $ | (22) | $ | 8,652 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 1,025 | 523 | 550 | 874 | — | 2,972 | |||||||||||||||||||||||||||||
| Operating and maintenance | 639 | 443 | 390 | 513 | 170 | 2,155 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 589 | 173 | 293 | 404 | 35 | 1,494 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 153 | 92 | 139 | 222 | 25 | 631 | |||||||||||||||||||||||||||||
| Total operating expenses | 2,406 | 1,231 | 1,372 | 2,013 | 230 | 7,252 | |||||||||||||||||||||||||||||
| Gain on sales of assets and businesses | — | — | — | — | 4 | 4 | |||||||||||||||||||||||||||||
| Operating income (loss) | 646 | 351 | 284 | 371 | (248) | 1,404 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (193) | (80) | (67) | (134) | (169) | (643) | |||||||||||||||||||||||||||||
| Other, net | 22 | 12 | 16 | 36 | 45 | 131 | |||||||||||||||||||||||||||||
| Total other (deductions) | (171) | (68) | (51) | (98) | (124) | (512) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 475 | 283 | 233 | 273 | (372) | 892 | |||||||||||||||||||||||||||||
| Income taxes | 85 | 12 | (21) | 5 | (39) | 42 | |||||||||||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 390 | 271 | 254 | 269 | (333) | 851 | |||||||||||||||||||||||||||||
| Net (loss) from discontinued operations after income taxes | — | — | — | — | (640) | (640) | |||||||||||||||||||||||||||||
| Net income (loss) | 390 | 271 | 254 | 269 | (973) | 211 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | 99 | 99 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 390 | $ | 271 | $ | 254 | $ | 269 | $ | (1,072) | $ | 112 | |||||||||||||||||||||||
| Change in Net income from continuing operations 2021 to 2022 | $ | 25 | $ | 68 | $ | (20) | $ | (39) | $ | 61 | $ | 95 | |||||||||||||||||||||||
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(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
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Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 816 | $ | 672 | ||||||||||
| Restricted cash and cash equivalents | 961 | 321 | ||||||||||||
| Accounts receivable | ||||||||||||||
| Customer accounts receivable | 2,219 | 2,189 | ||||||||||||
| Customer allowance for credit losses | (354) | (320) | ||||||||||||
| Customer accounts receivable, net | 1,865 | 1,869 | ||||||||||||
| Other accounts receivable | 1,403 | 1,068 | ||||||||||||
| Other allowance for credit losses | (81) | (72) | ||||||||||||
| Other accounts receivable, net | 1,322 | 996 | ||||||||||||
| Inventories, net | ||||||||||||||
| Fossil fuel | 133 | 105 | ||||||||||||
| Materials and supplies | 491 | 476 | ||||||||||||
| Regulatory assets | 1,239 | 1,296 | ||||||||||||
| Other | 515 | 387 | ||||||||||||
| Current assets of discontinued operations | — | 7,835 | ||||||||||||
| Total current assets | 7,342 | 13,957 | ||||||||||||
| Property, plant, and equipment, net | 66,456 | 64,558 | ||||||||||||
| Deferred debits and other assets | ||||||||||||||
| Regulatory assets | 8,350 | 8,224 | ||||||||||||
| Goodwill | 6,630 | 6,630 | ||||||||||||
| Receivable related to Regulatory Agreement Units | 2,265 | — | ||||||||||||
| Investments | 235 | 250 | ||||||||||||
| Other | 1,017 | 885 | ||||||||||||
| Property, plant, and equipment, deferred debits, and other assets of discontinued operations | — | 38,509 | ||||||||||||
| Total deferred debits and other assets | 18,497 | 54,498 | ||||||||||||
| Total assets | $ | 92,295 | $ | 133,013 | ||||||||||
3
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Liabilities and shareholders’ equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Short-term borrowings | $ | 2,003 | $ | 1,248 | ||||||||||
| Long-term debt due within one year | 505 | 2,153 | ||||||||||||
| Accounts payable | 2,451 | 2,379 | ||||||||||||
| Accrued expenses | 1,057 | 1,137 | ||||||||||||
| Payables to affiliates | 5 | 5 | ||||||||||||
| Regulatory liabilities | 411 | 376 | ||||||||||||
| Mark-to-market derivative liabilities | — | 18 | ||||||||||||
| Unamortized energy contract liabilities | 11 | 89 | ||||||||||||
| Other | 1,588 | 766 | ||||||||||||
| Current liabilities of discontinued operations | — | 7,940 | ||||||||||||
| Total current liabilities | 8,031 | 16,111 | ||||||||||||
| Long-term debt | 35,789 | 30,749 | ||||||||||||
| Long-term debt to financing trusts | 390 | 390 | ||||||||||||
| Deferred credits and other liabilities | ||||||||||||||
| Deferred income taxes and unamortized investment tax credits | 11,240 | 10,611 | ||||||||||||
| Regulatory liabilities | 8,513 | 9,628 | ||||||||||||
| Pension obligations | 1,406 | 2,051 | ||||||||||||
| Non-pension postretirement benefit obligations | 800 | 811 | ||||||||||||
| Asset retirement obligations | 275 | 271 | ||||||||||||
| Mark-to-market derivative liabilities | 103 | 201 | ||||||||||||
| Unamortized energy contract liabilities | 38 | 146 | ||||||||||||
| Other | 2,054 | 1,573 | ||||||||||||
| Long-term debt, deferred credits, and other liabilities of discontinued operations | — | 25,676 | ||||||||||||
| Total deferred credits and other liabilities | 24,429 | 50,968 | ||||||||||||
| Total liabilities | 68,639 | 98,218 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Shareholders’ equity | ||||||||||||||
| Common stock | 20,319 | 20,324 | ||||||||||||
| Treasury stock, at cost | (123) | (123) | ||||||||||||
| Retained earnings | 4,161 | 16,942 | ||||||||||||
| Accumulated other comprehensive loss, net | (701) | (2,750) | ||||||||||||
| Total shareholders’ equity | 23,656 | 34,393 | ||||||||||||
| Noncontrolling interests | — | 402 | ||||||||||||
| Total equity | 23,656 | 34,795 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 92,295 | $ | 133,013 | ||||||||||
4
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
| Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Net income | $ | 1,063 | $ | 211 | ||||||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||||||||||||||
| Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 1,854 | 4,180 | ||||||||||||
| Asset impairments | — | 500 | ||||||||||||
| Gain on sales of assets and businesses | (8) | (83) | ||||||||||||
| Deferred income taxes and amortization of investment tax credits | 143 | (163) | ||||||||||||
| Net fair value changes related to derivatives | (59) | (490) | ||||||||||||
| Net realized and unrealized losses (gains) on NDT funds | 205 | (376) | ||||||||||||
| Net unrealized losses (gains) on equity investments | 16 | (96) | ||||||||||||
| Other non-cash operating activities | 276 | (331) | ||||||||||||
| Changes in assets and liabilities: | ||||||||||||||
| Accounts receivable | (795) | (16) | ||||||||||||
| Inventories | 12 | 1 | ||||||||||||
| Accounts payable and accrued expenses | 544 | (87) | ||||||||||||
| Option premiums (paid) received, net | (39) | 2 | ||||||||||||
| Collateral received, net | 1,689 | 957 | ||||||||||||
| Income taxes | 23 | 190 | ||||||||||||
| Regulatory assets and liabilities, net | (376) | (276) | ||||||||||||
| Pension and non-pension postretirement benefit contributions | (585) | (559) | ||||||||||||
| Other assets and liabilities | (723) | (2,426) | ||||||||||||
| Net cash flows provided by operating activities | 3,240 | 1,138 | ||||||||||||
| Cash flows from investing activities | ||||||||||||||
| Capital expenditures | (3,507) | (4,040) | ||||||||||||
| Proceeds from NDT fund sales | 488 | 4,438 | ||||||||||||
| Investment in NDT funds | (516) | (4,538) | ||||||||||||
| Collection of DPP | 169 | 2,209 | ||||||||||||
| Proceeds from sales of assets and businesses | 16 | 724 | ||||||||||||
| Other investing activities | 4 | 17 | ||||||||||||
| Net cash flows used in investing activities | (3,346) | (1,190) | ||||||||||||
| Cash flows from financing activities | ||||||||||||||
| Changes in short-term borrowings | (597) | (666) | ||||||||||||
| Proceeds from short-term borrowings with maturities greater than 90 days | 1,150 | 500 | ||||||||||||
| Repayments on short-term borrowings with maturities greater than 90 days | (350) | — | ||||||||||||
| Issuance of long-term debt | 5,151 | 2,455 | ||||||||||||
| Retirement of long-term debt | (1,707) | (630) | ||||||||||||
| Dividends paid on common stock | (663) | (747) | ||||||||||||
| Proceeds from employee stock plans | 17 | 47 | ||||||||||||
| Transfer of cash, restricted cash, and cash equivalents to Constellation | (2,594) | — | ||||||||||||
| Other financing activities | (84) | (64) | ||||||||||||
| Net cash flows provided by financing activities | 323 | 895 | ||||||||||||
| Increase in cash, restricted cash, and cash equivalents | 217 | 843 | ||||||||||||
| Cash, restricted cash, and cash equivalents at beginning of period | 1,619 | 1,166 | ||||||||||||
| Cash, restricted cash, and cash equivalents at end of period | $ | 1,836 | $ | 2,009 | ||||||||||
5
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended June 30, 2022 and 2021
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 0.33 | $ | 192 | $ | 104 | $ | 45 | $ | 141 | $ | (156) | $ | 326 | |||||||||||||||||||||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||
| Cost Management Program (net of taxes of $0) | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||
| COVID-19 Direct Costs (net of taxes of $0, $0, $1, and $1 respectively) (1) | — | — | 1 | 1 | 2 | — | 4 | ||||||||||||||||||||||||||||||||||
| Acquisition Related Costs (net of taxes of $1) (2) | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||||||||||||||||
| ERP System Implementation Costs (net of taxes of $1) (3) | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $1, $1, $1, $1, $2 and $6, respectively) (4) | 0.01 | 2 | 1 | 1 | 2 | 4 | 10 | ||||||||||||||||||||||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 0.36 | $ | 195 | $ | 107 | $ | 48 | $ | 144 | $ | (146) | $ | 348 | |||||||||||||||||||||||||||
| Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | (0.01) | $ | — | (b) | $ | (1) | $ | — | (b) | $ | (4) | (b) | $ | — | $ | (5) | ||||||||||||||||||||||||
| Load | (0.01) | — | (b) | 1 | — | (b) | (9) | (b) | — | (8) | |||||||||||||||||||||||||||||||
| Distribution and Transmission Rates (6) | 0.09 | 30 | (c) | 27 | (c) | 13 | (c) | 23 | (c) | — | 93 | ||||||||||||||||||||||||||||||
| Other Energy Delivery (7) | 0.10 | 59 | (c) | 6 | (c) | 8 | (c) | 30 | (c) | — | 103 | ||||||||||||||||||||||||||||||
| Operating and Maintenance Expense (8) | (0.06) | (15) | (7) | (13) | (28) | 9 | (54) | ||||||||||||||||||||||||||||||||||
| Pension and Non-Pension Postretirement Benefits | 0.01 | 5 | 2 | 2 | — | 3 | 12 | ||||||||||||||||||||||||||||||||||
| Depreciation and Amortization Expense (9) | (0.07) | (23) | (4) | (8) | (33) | — | (68) | ||||||||||||||||||||||||||||||||||
| Other (10) | 0.01 | (22) | 3 | (12) | (22) | 65 | 12 | ||||||||||||||||||||||||||||||||||
| Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings | $ | 0.08 | $ | 34 | $ | 27 | $ | (10) | $ | (43) | $ | 77 | $ | 85 | |||||||||||||||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 0.47 | $ | 227 | $ | 133 | $ | 37 | $ | 100 | $ | (32) | $ | 465 | |||||||||||||||||||||||||||
| Separation Costs (net of taxes of $1, $0, $0, $1, $1, and $4, respectively) (4) | 0.01 | 2 | 1 | 1 | 2 | 4 | 10 | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) (5) | (0.04) | — | — | — | — | (43) | (43) | ||||||||||||||||||||||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 0.44 | $ | 229 | $ | 134 | $ | 38 | $ | 101 | $ | (69) | $ | 433 | |||||||||||||||||||||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
(3)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.
(5)In connection with the separation, Exelon recorded a one-time impact associated with a state tax benefit.
(6)For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
6
(7)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(8)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PHI, primarily reflects increased credit loss expense and higher contracting costs partially due to timing of maintenance projects. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(9)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, also includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(10)For ComEd, includes increased taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PHI, reflects the timing of tax expense driven by the timing of excess deferred tax amortization, which will reverse by the end of the year. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense.
7
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Six Months Ended June 30, 2022 and 2021
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 0.87 | $ | 390 | $ | 271 | $ | 254 | $ | 269 | $ | (333) | $ | 851 | |||||||||||||||||||||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||
| Cost Management Program (net of taxes of $0) | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||
| COVID-19 Direct Costs (net of taxes of $1, $1, $1 and $3, respectively) (1) | 0.01 | — | 2 | 1 | 2 | — | 5 | ||||||||||||||||||||||||||||||||||
| Acquisition Related Costs (net of taxes of $3) (2) | 0.01 | — | — | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||||
| ERP System Implementation Costs (net of taxes of $0, $0, $0, $1 and $1, respectively) (3) | 0.01 | — | 1 | 1 | 1 | 4 | 7 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $1, $1, $1, $1, $2 and $6, respectively) (4) | 0.02 | 3 | 2 | 2 | 3 | 5 | 15 | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) | — | — | — | — | — | (2) | (2) | ||||||||||||||||||||||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 0.91 | $ | 393 | $ | 277 | $ | 258 | $ | 274 | $ | (315) | $ | 887 | |||||||||||||||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | (0.01) | $ | — | (b) | $ | (7) | $ | — | (b) | $ | (3) | (b) | $ | — | $ | (10) | ||||||||||||||||||||||||
| Load | 0.01 | — | (b) | 10 | — | (b) | (4) | (b) | — | 6 | |||||||||||||||||||||||||||||||
| Distribution and Transmission Rates (6) | 0.17 | 43 | (c) | 63 | (c) | 19 | (c) | 49 | (c) | — | 174 | ||||||||||||||||||||||||||||||
| Other Energy Delivery (7) | 0.19 | 107 | (c) | 16 | (c) | 29 | (c) | 39 | (c) | — | 191 | ||||||||||||||||||||||||||||||
| Operating and Maintenance Expense (8) | (0.14) | (42) | (18) | (29) | (57) | 10 | (136) | ||||||||||||||||||||||||||||||||||
| Pension and Non-Pension Postretirement Benefits | 0.02 | 10 | 3 | 4 | 1 | 6 | 24 | ||||||||||||||||||||||||||||||||||
| Depreciation and Amortization Expense (9) | (0.11) | (42) | (9) | (21) | (40) | 1 | (111) | ||||||||||||||||||||||||||||||||||
| Other (10) | 0.04 | (47) | 7 | (22) | (21) | 123 | 40 | ||||||||||||||||||||||||||||||||||
| Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings | $ | 0.17 | $ | 29 | $ | 65 | $ | (20) | $ | (36) | $ | 140 | $ | 178 | |||||||||||||||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 0.96 | $ | 415 | $ | 339 | $ | 234 | $ | 230 | $ | (272) | $ | 946 | |||||||||||||||||||||||||||
| ERP System Implementation Costs (net of taxes of $0) (3) | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $3, $1, $1, $2, $3, and $11, respectively) (4) | 0.03 | 7 | 3 | 4 | 5 | 8 | 27 | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) (5) | 0.09 | — | — | — | 3 | 89 | 92 | ||||||||||||||||||||||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 1.08 | $ | 422 | $ | 342 | $ | 238 | $ | 238 | $ | (175) | $ | 1,065 | |||||||||||||||||||||||||||
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
(3)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.
(5)In connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs partially offset by a one-time impact associated with a state tax benefit.
(6)For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
8
(7)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(8)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. For BGE, reflects higher credit loss expense. For PHI, includes increased storm costs, increased credit loss expense, and higher contracting costs partially due to timing of maintenance projects. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (YTD Q2 2022 includes one month of costs for the period prior to the separation compared to six months of costs included in YTD Q2 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(9)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(10)For ComEd, includes increased taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in tax repairs deduction. For PHI, primarily reflects increased interest expense and the timing of tax expense driven by the timing of excess deferred tax amortization, which will reverse by the end of the year. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense.
9
ComEd Statistics
Three Months Ended June 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 6,617 | 6,558 | 0.9 | % | (0.1) | % | $ | 819 | $ | 759 | 7.9 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 7,198 | 7,101 | 1.4 | % | 1.1 | % | 312 | 377 | (17.2) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,641 | 6,368 | 4.3 | % | 4.4 | % | 11 | 138 | (92.0) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 186 | 203 | (8.4) | % | (8.6) | % | 5 | 11 | (54.5) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 234 | 214 | 9.3 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 20,642 | 20,230 | 2.0 | % | 1.7 | % | 1,381 | 1,499 | (7.9) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 44 | 18 | 144.4 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 1,425 | $ | 1,517 | (6.1) | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 283 | $ | 500 | (43.4) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 713 | 627 | 697 | 13.7 | % | 2.3 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 377 | 391 | 266 | (3.6) | % | 41.7 | % | ||||||||||||||||||||||
Six Months Ended June 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 13,368 | 13,243 | 0.9 | % | (0.7) | % | $ | 1,675 | $ | 1,502 | 11.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 14,702 | 14,366 | 2.3 | % | 1.7 | % | 736 | 744 | (1.1) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 13,388 | 12,847 | 4.2 | % | 4.0 | % | 165 | 271 | (39.1) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 443 | 470 | (5.7) | % | (5.9) | % | 20 | 22 | (9.1) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 472 | 433 | 9.0 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 41,901 | 40,926 | 2.4 | % | 1.6 | % | 3,068 | 2,972 | 3.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 90 | 80 | 12.5 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 3,158 | $ | 3,052 | 3.5 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 921 | $ | 1,025 | (10.1) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 3,878 | 3,616 | 3,782 | 7.2 | % | 2.5 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 377 | 391 | 266 | (3.6) | % | 41.7 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | |||||||||
| Residential | 3,711,023 | 3,697,515 | |||||||||
| Small commercial & industrial | 390,357 | 388,877 | |||||||||
| Large commercial & industrial | 1,900 | 1,852 | |||||||||
| Public authorities & electric railroads | 4,853 | 4,873 | |||||||||
| Total | 4,108,133 | 4,093,117 | |||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $3 million and $5 million for the three months ended June 30, 2022 and 2021, respectively, and $8 million and $11 million for the six months ended June 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs and late payment charges.
10
PECO Statistics
Three Months Ended June 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 3,060 | 3,116 | (1.8) | % | (1.1) | % | $ | 431 | $ | 383 | 12.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,813 | 1,758 | 3.1 | % | 3.0 | % | 126 | 99 | 27.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,416 | 3,475 | (1.7) | % | (1.8) | % | 72 | 59 | 22.0 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 135 | 121 | 11.6 | % | 11.9 | % | 7 | 8 | (12.5) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 68 | 54 | 25.9 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 8,424 | 8,470 | (0.5) | % | (0.4) | % | 704 | 603 | 16.7 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 4 | 7 | (42.9) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 708 | 610 | 16.1 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 5,206 | 5,027 | 3.6 | % | 4.9 | % | 71 | 55 | 29.1 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 3,638 | 3,121 | 16.6 | % | 17.2 | % | 29 | 22 | 31.8 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 4 | 2 | 100.0 | % | 12.6 | % | — | — | N/A | ||||||||||||||||||||||||||||||||
| Transportation | 5,707 | 5,468 | 4.4 | % | 5.7 | % | 6 | 5 | 20.0 | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 2 | 1 | 100.0 | % | |||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 14,555 | 13,618 | 6.9 | % | 8.0 | % | 108 | 83 | 30.1 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | — | 100.0 | % | |||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 108 | 83 | 30.1 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 816 | $ | 693 | 17.7 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 283 | $ | 207 | 36.7 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 385 | 404 | 424 | (4.7) | % | (9.2) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 434 | 418 | 391 | 3.8 | % | 11.0 | % | ||||||||||||||||||||||
11
Six Months Ended June 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 6,818 | 6,883 | (0.9) | % | 0.1 | % | $ | 918 | $ | 816 | 12.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 3,750 | 3,639 | 3.1 | % | 3.2 | % | 237 | 199 | 19.1 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,748 | 6,747 | — | % | — | % | 136 | 116 | 17.2 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 317 | 270 | 17.4 | % | 17.7 | % | 15 | 17 | (11.8) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 130 | 106 | 22.6 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 17,633 | 17,539 | 0.5 | % | 1.0 | % | 1,436 | 1,254 | 14.5 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 13 | 17 | (23.5) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 1,449 | 1,271 | 14.0 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 26,043 | 25,701 | 1.3 | % | 4.4 | % | 289 | 215 | 34.4 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 14,184 | 13,291 | 6.7 | % | 8.4 | % | 105 | 81 | 29.6 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 14 | 9 | 55.6 | % | 11.4 | % | — | — | N/A | ||||||||||||||||||||||||||||||||
| Transportation | 13,346 | 13,118 | 1.7 | % | 2.7 | % | 14 | 12 | 16.7 | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 5 | 3 | 66.7 | % | |||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 53,587 | 52,119 | 2.8 | % | 5.0 | % | 413 | 311 | 32.8 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 1 | — | 100.0 | % | |||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 414 | 311 | 33.1 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 1,863 | $ | 1,582 | 17.8 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 689 | $ | 523 | 31.7 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,613 | 2,706 | 2,840 | (3.4) | % | (8.0) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 435 | 423 | 392 | 2.8 | % | 11.0 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | Number of Natural Gas Customers | 2022 | 2021 | |||||||||||||||||||||
| Residential | 1,521,728 | 1,513,456 | Residential | 499,678 | 494,895 | |||||||||||||||||||||
| Small commercial & industrial | 155,484 | 154,842 | Small commercial & industrial | 44,726 | 44,450 | |||||||||||||||||||||
| Large commercial & industrial | 3,114 | 3,108 | Large commercial & industrial | 10 | 6 | |||||||||||||||||||||
| Public authorities & electric railroads | 10,386 | 10,285 | Transportation | 659 | 677 | |||||||||||||||||||||
| Total | 1,690,712 | 1,681,691 | Total | 545,073 | 540,028 | |||||||||||||||||||||
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2022 and 2021, respectively, and $2 million and $3 million for the six months ended June 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling less than $1 million for both the three months ended June 30, 2022 and 2021, respectively, and less than $1 million and $1 million for the six months ended June 30, 2022 and 2021, respectively.
12
BGE Statistics
Three Months Ended June 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,752 | 2,772 | (0.7) | % | (0.1) | % | $ | 334 | $ | 299 | 11.7 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 637 | 627 | 1.6 | % | 0.8 | % | 70 | 60 | 16.7 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,214 | 3,192 | 0.7 | % | 1.1 | % | 129 | 108 | 19.4 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 53 | 49 | 8.2 | % | 11.4 | % | 7 | 7 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 99 | 87 | 13.8 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 6,656 | 6,640 | 0.2 | % | 0.6 | % | 639 | 561 | 13.9 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (10) | (3) | 233.3 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 629 | 558 | 12.7 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 4,943 | 4,948 | (0.1) | % | (2.8) | % | 96 | 81 | 18.5 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 1,389 | 1,306 | 6.4 | % | 4.6 | % | 18 | 13 | 38.5 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 9,168 | 8,224 | 11.5 | % | 11.3 | % | 35 | 27 | 29.6 | % | |||||||||||||||||||||||||||||||
Other(f) | 931 | 903 | 3.1 | % | n/a | 12 | 6 | 100.0 | % | ||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 16,431 | 15,381 | 6.8 | % | 5.7 | % | 161 | 127 | 26.8 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (4) | (3) | 33.3 | % | |||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 157 | 124 | 26.6 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 786 | $ | 682 | 15.2 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 289 | $ | 219 | 32.0 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 446 | 469 | 499 | (4.9) | % | (10.6) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 279 | 300 | 259 | (7.0) | % | 7.7 | % | ||||||||||||||||||||||
13
Six Months Ended June 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 6,321 | 6,310 | 0.2 | % | (0.9) | % | $ | 752 | $ | 662 | 13.6 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,372 | 1,350 | 1.6 | % | 0.6 | % | 151 | 129 | 17.1 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,387 | 6,300 | 1.4 | % | 1.7 | % | 260 | 213 | 22.1 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 106 | 97 | 9.3 | % | 9.0 | % | 14 | 13 | 7.7 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 196 | 165 | 18.8 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 14,186 | 14,057 | 0.9 | % | 0.4 | % | 1,373 | 1,182 | 16.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (7) | 8 | (187.5) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 1,366 | 1,190 | 14.8 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 26,061 | 23,399 | 11.4 | % | 7.9 | % | 378 | 297 | 27.3 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 6,050 | 5,324 | 13.6 | % | 9.0 | % | 63 | 48 | 31.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 23,911 | 22,263 | 7.4 | % | 6.6 | % | 100 | 81 | 23.5 | % | |||||||||||||||||||||||||||||||
Other(f) | 5,391 | 8,512 | (36.7) | % | n/a | 47 | 36 | 30.6 | % | ||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 61,413 | 59,498 | 3.2 | % | 7.5 | % | 588 | 462 | 27.3 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (14) | 4 | (450.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 574 | 466 | 23.2 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 1,940 | $ | 1,656 | 17.1 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 743 | $ | 550 | 35.1 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,688 | 2,666 | 2,887 | 0.8 | % | (6.9) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 279 | 300 | 259 | (7.0) | % | 7.7 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | Number of Natural Gas Customers | 2022 | 2021 | |||||||||||||||||||||
| Residential | 1,200,397 | 1,192,135 | Residential | 653,409 | 647,534 | |||||||||||||||||||||
| Small commercial & industrial | 115,769 | 114,682 | Small commercial & industrial | 38,227 | 38,223 | |||||||||||||||||||||
| Large commercial & industrial | 12,721 | 12,528 | Large commercial & industrial | 6,211 | 6,132 | |||||||||||||||||||||
| Public authorities & electric railroads | 267 | 267 | Total | 697,847 | 691,889 | |||||||||||||||||||||
| Total | 1,329,154 | 1,319,612 | ||||||||||||||||||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million and $4 million for the three months ended June 30, 2022 and 2021, respectively, and $3 million and $6 million for the six months ended June 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling $1 million and $3 million for the three months ended June 30, 2022 and 2021, respectively, and $7 million for both the six months ended June 30, 2022 and 2021.
14
Pepco Statistics
Three Months Ended June 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,719 | 1,819 | (5.5) | % | (5.9) | % | $ | 234 | $ | 223 | 4.9 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 257 | 280 | (8.2) | % | (8.4) | % | 35 | 32 | 9.4 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,384 | 3,175 | 6.6 | % | 6.4 | % | 250 | 188 | 33.0 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 125 | 217 | (42.4) | % | (42.4) | % | 8 | 10 | (20.0) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 54 | 50 | 8.0 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 5,485 | 5,491 | (0.1) | % | (0.4) | % | 581 | 503 | 15.5 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | 20 | (100.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 581 | $ | 523 | 11.1 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 162 | $ | 133 | 21.8 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 325 | 331 | 309 | (1.8) | % | 5.2 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 498 | 496 | 508 | 0.4 | % | (2.0) | % | ||||||||||||||||||||||
Six Months Ended June 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 4,006 | 4,038 | (0.8) | % | (1.0) | % | $ | 509 | $ | 476 | 6.9 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 556 | 578 | (3.8) | % | (4.2) | % | 73 | 65 | 12.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,633 | 6,229 | 6.5 | % | 6.0 | % | 503 | 372 | 35.2 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 275 | 341 | (19.4) | % | (19.1) | % | 16 | 16 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 100 | 101 | (1.0) | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 11,470 | 11,186 | 2.5 | % | 2.2 | % | 1,201 | 1,030 | 16.6 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (6) | 46 | (113.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 1,195 | $ | 1,076 | 11.1 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 375 | $ | 298 | 25.8 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,338 | 2,343 | 2,422 | (0.2) | % | (3.5) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 504 | 503 | 510 | 0.2 | % | (1.2) | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | |||||||||
| Residential | 850,569 | 837,744 | |||||||||
| Small commercial & industrial | 54,349 | 53,669 | |||||||||
| Large commercial & industrial | 22,771 | 22,579 | |||||||||
| Public authorities & electric railroads | 194 | 178 | |||||||||
| Total | 927,883 | 914,170 | |||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended June 30, 2022 and 2021, respectively, and $2 million and $3 million for the six months ended June 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs and late payment charge revenues.
15
DPL Statistics
Three Months Ended June 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,106 | 1,131 | (2.2) | % | (0.3) | % | $ | 155 | $ | 147 | 5.4 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 536 | 557 | (3.8) | % | (3.0) | % | 51 | 46 | 10.9 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 1,025 | 1,066 | (3.8) | % | (3.3) | % | 30 | 22 | 36.4 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 10 | 12 | (16.7) | % | (16.4) | % | 3 | 3 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 57 | 46 | 23.9 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 2,677 | 2,766 | (3.2) | % | (2.1) | % | 296 | 264 | 12.1 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (1) | 10 | (110.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 295 | 274 | 7.7 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 983 | 713 | 37.9 | % | 44.6 | % | 17 | 12 | 41.7 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 570 | 430 | 32.6 | % | 39.2 | % | 8 | 6 | 33.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 402 | 393 | 2.3 | % | 2.3 | % | 3 | 1 | 200.0 | % | |||||||||||||||||||||||||||||||
| Transportation | 1,444 | 1,470 | (1.8) | % | (0.7) | % | 3 | 3 | — | % | |||||||||||||||||||||||||||||||
Other(g) | — | — | n/a | n/a | 6 | 2 | 200.0 | % | |||||||||||||||||||||||||||||||||
| Total natural gas revenues | 3,399 | 3,006 | 13.1 | % | 16.3 | % | 37 | 24 | 54.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(f) | — | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 37 | 24 | 54.2 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 332 | $ | 298 | 11.4 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 135 | $ | 108 | 25.0 | % | |||||||||||||||||||||||||||||||||||
| Electric Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 429 | 461 | 463 | (6.9) | % | (7.3) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 342 | 373 | 348 | (8.3) | % | (1.7) | % | ||||||||||||||||||||||
| Natural Gas Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 441 | 480 | 492 | (8.1) | % | (10.4) | % | ||||||||||||||||||||||
16
Six Months Ended June 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,683 | 2,651 | 1.2 | % | 1.4 | % | $ | 362 | $ | 337 | 7.4 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,142 | 1,116 | 2.3 | % | 2.5 | % | 107 | 92 | 16.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 2,040 | 1,985 | 2.8 | % | 3.0 | % | 56 | 43 | 30.2 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 23 | 24 | (4.2) | % | (6.0) | % | 7 | 7 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 113 | 87 | 29.9 | % | |||||||||||||||||||||||||||||||||
Total rate-regulated electric revenues(c) | 5,888 | 5,776 | 1.9 | % | 2.1 | % | 645 | 566 | 14.0 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (2) | 19 | (110.5) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 643 | 585 | 9.9 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 5,436 | 5,107 | 6.4 | % | 6.3 | % | 68 | 57 | 19.3 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 2,550 | 2,295 | 11.1 | % | 12.0 | % | 29 | 24 | 20.8 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 863 | 853 | 1.2 | % | 1.1 | % | 6 | 3 | 100.0 | % | |||||||||||||||||||||||||||||||
| Transportation | 3,650 | 3,694 | (1.2) | % | (0.7) | % | 7 | 8 | (12.5) | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 10 | 3 | 233.3 | % | |||||||||||||||||||||||||||||||||
| Total rate-regulated natural gas revenues | 12,499 | 11,949 | 4.6 | % | 4.9 | % | 120 | 95 | 26.3 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 120 | 95 | 26.3 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 763 | $ | 680 | 12.2 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 324 | $ | 263 | 23.2 | % | |||||||||||||||||||||||||||||||||||
| Electric Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,693 | 2,730 | 2,865 | (1.4) | % | (6.0) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 346 | 378 | 349 | (8.5) | % | (0.9) | % | ||||||||||||||||||||||
| Natural Gas Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,796 | 2,838 | 2,993 | (1.5) | % | (6.6) | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | Number of Natural Gas Customers | 2022 | 2021 | |||||||||||||||||||||
| Residential | 479,728 | 475,061 | Residential | 128,715 | 127,503 | |||||||||||||||||||||
| Small commercial & industrial | 63,574 | 62,880 | Small commercial & industrial | 10,068 | 9,953 | |||||||||||||||||||||
| Large commercial & industrial | 1,222 | 1,213 | Large commercial & industrial | 16 | 18 | |||||||||||||||||||||
| Public authorities & electric railroads | 598 | 607 | Transportation | 157 | 158 | |||||||||||||||||||||
| Total | 545,122 | 539,761 | Total | 138,956 | 137,632 | |||||||||||||||||||||
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2022 and 2021, and $3 million and $4 million for the six months ended June 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
17
ACE Statistics
Three Months Ended June 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 859 | 975 | (11.9) | % | (9.7) | % | $ | 159 | $ | 167 | (4.8) | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 362 | 333 | 8.7 | % | 9.7 | % | 54 | 46 | 17.4 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 808 | 761 | 6.2 | % | 6.7 | % | 52 | 47 | 10.6 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 11 | 11 | — | % | (5.8) | % | 4 | 4 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 55 | 43 | 27.9 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 2,040 | 2,080 | (1.9) | % | (0.5) | % | 324 | 307 | 5.5 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (15) | 12 | (225.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 309 | $ | 319 | (3.1) | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 123 | $ | 154 | (20.1) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 533 | 525 | 540 | 1.5 | % | (1.3) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 275 | 321 | 305 | (14.3) | % | (9.8) | % | ||||||||||||||||||||||
Six Months Ended June 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,777 | 1,903 | (6.6) | % | (6.0) | % | $ | 329 | $ | 329 | — | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 701 | 638 | 9.9 | % | 9.7 | % | 101 | 85 | 18.8 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 1,511 | 1,477 | 2.3 | % | 2.3 | % | 96 | 90 | 6.7 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 25 | 24 | 4.2 | % | 0.6 | % | 8 | 7 | 14.3 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 136 | 95 | 43.2 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 4,014 | 4,042 | (0.7) | % | (0.5) | % | 670 | 606 | 10.6 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (12) | 23 | (152.2) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 658 | $ | 629 | 4.6 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 301 | $ | 311 | (3.2) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,969 | 2,873 | 2,994 | 3.3 | % | (0.8) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 277 | 325 | 305 | (14.8) | % | (9.2) | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | ||||||||||||
| Residential | 501,494 | 499,436 | ||||||||||||
| Small commercial & industrial | 62,291 | 61,836 | ||||||||||||
| Large commercial & industrial | 3,085 | 3,243 | ||||||||||||
| Public authorities & electric railroads | 726 | 707 | ||||||||||||
| Total | 567,596 | 565,222 | ||||||||||||
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2022 and 2021, and $2 million and $1 million for the six months ended June 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs.
18
